Elon Musk sold roughly $4 billion worth of Tesla shares in the days following his bid to take Twitter private according to filings with the Securities and Exchange Commission.
Elon Musk sold 4.4 million shares of his electric vehicle company Tesla and SpaceX on Tuesday and Wednesday.
Tesla CEO Elon Musk’s Tuesday latest filings revealed that over half of the company’s sales came from Tuesday. Tesla shares fell 12% the day after, but only went up by less than a percentage point on Wednesday.
With the release of Tesla’s quarterly report, Elon Musk announced on Twitter that there would be no more sales of Tesla stocks to investors. The tweet came as a response to users that heavily promote Tesla stocks and their products on social media.
CNBC reached out to Tesla and Musk to ask exactly how he plans to use the proceeds, and whether he sold more Tesla shares after April 27, the latest date on the filings out Thursday. They did not immediately respond to a request for comment.
Musk is bidding to buy Twitter and take the social media company private for $54.20 per share, around $44 billion total. In order to do so, Musk secured $25.5 billion of fully committed debt, including $12.5 billion in loans against his Tesla stock.
Twitter recently accepted Musk’s offer, but it still requires shareholder and regulatory approval.
Musk would have to pay Twitter $1 billion if he failed to secure the funding needed for his purchase of the company. According to a filing on Tuesday, this fee would be in addition to the 130-day notice period and pre-closing lock up of shares that otherwise begins immediately.
In the case of Twitter’s $2 billion offer, Musk would owe them a $1 billion fee if they reject the offer. In addition, shareholders could also veto the acquisition if we don’t want this deal to go through.